Source: http://www.thriftyfun.com/tf11644990.tip.html

Lowering the Interest Rate on a Student Loan

I am trying to help my daughter who has come down with a medical condition preventing her from working regularly to pay off a huge old student loan. I didn't realize she still owes over $40,000 after eight years, mainly because of high interest rates. Is there anyway to get this reduced to a reasonable amount when the loan has been sold off two or three times by the original and subsequent lender?

Thank you for your assistance, we really need help.

Jim King

Feedback About This Post:

RE: Lowering the Interest Rate on a Student Loan

I know that you can only consolidate student loans one time. If she has already consolidated them, she may be stuck with the high interest rates.

Post by susanmajp

RE: Lowering the Interest Rate on a Student Loan

Apply for a consolidation loan and lock in one low interest rate, instead of a variable one. I just did this in July and cut my monthly payment by over 60%. It only added a little more time on to the length of time to pay off the loan and I can now afford the payments and can afford to pay a little extra each month.

Post by clt123

RE: Lowering the Interest Rate on a Student Loan

Is your daughter considered disabled? Can she get social security disability payments? I started college at age 42, using student loans. I had to retire about 10 years later due to medical problems. If she can get disability, her student loans can be wiped out. That is what I did.

Post By Linda (Guest Post)

RE: Lowering the Interest Rate on a Student Loan

I would recommend you call into the Dave Ramsey show and ask Dave - he will know what to do - or go to his website http://www.daveramsey.com and send him an email with your question. This sounds like a question I have heard him answer before. Good luck.

Post By Starlight (Guest Post)

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